Finance Minister Ahmed Munavvar has confirmed a supplementary budget of MVR 493 million for 2017 is required on top of the initial MVR 26 billion budget finalized by the state for the year.
A supplementary budget was necessary as the initial budget is projected to be depleted on expenditure before the year's end.
This marks the first ever time a supplementary budget has been presented in recent history and the first ever in president Abdulla Yameen's regime. Upon being questioned about the necessity of a supplementary budget Minister Munavvar had said the details to it would be disclosed on Tuesday.
Earlier this year in June works of a planned supplementary budget was hinted by the pro-government members of parliament while Progressive Party of Maldives' parliamentary group leader and Vilimale' constituency lawmaker Ahmed Nihan Hussain Manik had addressed to the matter, saying an additional budget is priority by the state before the year's end.
He highlighted the budget was generated in order to procure funds for the by-election of the apparent six vacant constituencies and the operational works of government institute NSPA.
Government finalized budget for the year 2017 was MVR 26.8 billion which had an estimated budget deficit of MVR 303.7 million. This is a 1.7% deficit incurred based on productivity ratio, while the planned supplementary budget is expected to increase the percentage.
This year's budget faced shortage in amassing funds of MVR 12 million to finance the by-election of six constituencies and NSPA budget of MVR 731 million becoming insufficient.
Finance Ministry is expected to release the budget for 2018 to parliament soon.
